🤡 Employees rugged by crypto companies

Namaskara, this is the doodhwala. The crypto newsletter that hits harder than drinking 3 cans of RedBull, 2 bottles of blue Gatorade, and 1 large box of Glucon-D. ⚡️

DOODH is the power of our energy. 💪

Beeteedubs: We at multiple ETH India side events, catch our rolling threads here. 

Let’s GOOOO 🔥:

• Crypto companies' are rugging employees

• One CRYPTO APP to rule them all

• A new DEX king in town

• Milky Meme Of The Day

Crypto companies' are rugging employees

Over 50 crypto companies have laid off their employees this year.

🔥 Total number of people laid off: 8k

🔥 Biggest firing frenzy: Crypto.com 2000 employees

Latest firing: Kraken. That’s the name of a crypto exchange, not the final boss from a God of War Gameplay.

FYI: since we in crypto, we don’t wanna use corporate words like "fire, lay-off, or furlough" 🤮

We calling this a “RUG”

So, Kraken just rugged 30% of its staff.

That’s 1,100 Krakenites, that’s what Kraken calls its employees. What’s next:

• Polygon — Polygooners ⚔️

• Avalanche — Avalanchuus 🤧

• Solana — Solosers 🤡

Why did crypto companies rug so many employees?

Two reasons:

• Fast growth Many companies 3x their workforce in 1 year anticipating more users

• Fast dump Crypto prices dumped by ~70% this year, forcing new users out

And now they’re rugging Krakenties like Thanos when he has all Infinity Stones.

Every kind of crypto company is 🦵 people. No one is safe out there.

According to the doodhwala, this rug pull is happening in 3 waves:

WAVE 1️⃣: Contagion Crushed

These are companies that were bound to rug staff once the crypto contagion started.

I mean, they didn’t even have funds to pay their customers (like me 😭) how tf can they pay their staff?

💀 BlockFi rugged 250 employees💀 Celsius rugged 150 employees💀 Vauld rugged 100 employees

Any company that was part of the Crypto Contagion (sounds like a bad movie) was forced to cut staff since LUNA went from 🚀 to 💩 real quick

WAVE 2️⃣: Exchange Losers

Next came exchanges.

Exchanges need volumes which means they need people to trade.

If people are scared of their money either going down by 60% or some big bad SBF will take their money. They ain’t gonna trade bruh!!

Because of this exchanges’ volumes tanked massively.

Here are the exchanges that 🔥 their employees:

• Coinbase rugged over 1k employees

• Gemini rugged over 250 employees

• WazirX rugged over 60 employees

• Bybit rugged over 600 employees

• Bitmex rugged over 70 employees

Surprisingly, Indian crypto companies have rugged employees less than global companies despite having problems with the TAX MAN. 

Are they using a different trick to rug employees? 🤔 

WAVE 3️⃣: Under The Sheets

Beyond the price charts and market activity, there are infrastructure companies.

Companies providing data, storage, computing, and a bunch of other things the doodhwala can’t understand but know are v v important. 🛠

Yeah…they’re firing people too. Companies like:

• ConsenSys (blockchain tech company, built Metamask) rugged nearly 100 employees

• Metaplex (dev tools and smart contracts to launch NFTs on Solana) rugged employees after the FTX 🤜 Solana crash

• Dapper Labs (blockchain gaming company, built FLOW and NBA Top Shot) rugged close to 150 employees

• Unstoppable Domains (web3 website and domain buidler) rugged ~50 employees 

Ouch. 🤕

Crypto-currency rug pulls are bad, but crypto companies' rug pull are worse.  

Have you been rugged by a crypto-currency or a crypto-company? Let us know by replying to this EMAIL.

We'll send you some sweet sweet doodh to ease the pain. 🥰 

One crypto app to rule them all

Telegram.

The app that most of you only use to send large files or to create bigger groups when your WhatsApp group reaches its 256-member limit. 🙃

But people in crypto have been using Telegram for a long time now.

Not just to create spam groups and trick people into giving up their wallet’s private keys. 🤦‍♂️

No, some of the OGs in crypto have been using Telegram to communicate freely because of its end-to-end encryption and overall transparency when compared to other messaging services. 🔥

shhhh don't tell Zuck 🤫

Also, Telegram has been dipping its toes in crypto with:

• The Open Network: A native blockchain that they have built with low fees, fast transactions and easy onboarding. It also has a native token called TON.

• Fragment: A marketplace kinda platform to sell and auction Telegram user names using the TON token. The platform has seen over $50 million in transactions already! 🤯

And now, Telegram is doubling down on this and planning to ALL-IN on crypto. 😎

Pavel Durov, the founder of Telegram, basically said that they’ll be BUIDLing in the bear market.

What will they build? 🤨

• Crypto Exchange not sure if it’ll be a CEX or a DEX or a MCX (McDonald's Spicy Chicken Burger 🍔

• Non-Custodial Wallets

• Not another NFT marketplace (thank god! we already have too many 😅)

Pavel, just like the rest of us, has been completely disgusted by the whole FTX drama and believes we need to build better systems in place.

And he wants to build it with Telegram.

Doodhwala’s Take: This is definitely a great initiative. 💡

Crypto people use just two platforms to communicate: Telegram AND Discord.

And now, more people are leaning towards Discord to build their communities because of all the new features being shipped.

Also because Telegram has been rampant with TONs of spam groups. 🤦‍♂️ I was randomly added to a group to talk about the price of CumRocket. (WHY ME?? 😭😭)

Telegram's superfans would love it if TG went from a Span Paradise to a Crypto Infra paradise.

Lassi and Lists: All rise for the new King 🥞

There is soon going to be a new DEX king in town.

So far, it’s either been Uniswap or Curve.

But now, an unlikely hero is rising to the top and there seems to be no stopping it!

PancakeSwap just took over Uniswap in terms of Total Value Locked (TVL) and they might soon take over Curve as well. 🔥

Their strategy of launching on Ethereum earlier this year seems to be paying off. 😎

Uniswap, however, has more daily volume but PancakeSwap is picking up pace.

How long do you think it will take for PancakeSwap to be crowned the king? 👑

(REPLY and let us know!)

Milky Meme Of The Day

If you want more doodh then, be sure to follow our Twitter (@DoodhwalaDaily)

That’s all for today bhaiyo aur bheno! Naale Sigona!

Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer.

None of what you read here is financial advice. We aren’t here to get you to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.